Bank figures show mortgage lending up

Bank of England statistics for the month showed that loans for house purchases increased in both February and March from Januarys levels.

The gross value of these loans was over £4.5 billion.

Such findings may indicate that the housing market is starting to recover as more buyers take advantage of falling prices and reduced interest rates.

Further data in the months ahead that reveals a similar level of growth would confirm such a trend, economist for the Council of Mortgage Lenders (CML) Paul Samter stated.

Noting that the figures marked the first rise seen since the middle of last year, he said: "This is welcome news, but we will need to see a few more months' figures before we can say with any confidence that market conditions are showing a fundamental improvement."